Before 2017, there were only five completed ICO projects in China. In the first half of 2017, this mushroomed to 65 ICO projects in China, for a total amount of RMB 2.6bn.
This bubble is likely to burst as 17 crypto-currency trading platforms have now publicly announced that they are going to stop crypto-currency trading in Shanghai. BTCChina, Binance, SZZC, Lhang, ETCWin, Bitekuang, 51SZZC, Hanbiwang, Bitbill, 19800Net, FreeWillex, ICOAGE, 91ICO, ICOrace, ICOfox, ICORaise and ICO17 will no longer be involved in ICOs.
This follows the announcement earlier this month PBOC that ICOs are illegal. The government of Shanghai later instructed crypto-currency trading platforms to stop trading by end of September.
The management of these platforms have been asked to cooperate with the refunding activities and stay in Shanghai until it is done.
Investors are being offered refunds, and more than 90 percent of ICO projects have been refunded. However a number of investors have expressed they would prefer not to accept these refunds, as the prices of some tokens have increased.